Both Sony and Microsoft are working on more powerful versions of their respective game consoles. In the case of Sony, it's called the PlayStation 4 "Neo"; in the case of Microsoft, it's called "Project Scorpio."

We don't know what either console looks like just yet, and we don't have firm release dates or price. What we do know is what they're capable of, and how they stack up against each other. Here's the full rundown.

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Which is more powerful? The new Xbox One, by a wide margin.

Microsoft

Of the two new consoles from Microsoft and Sony, the new Xbox One is the more powerful.

That's owed mostly to a new graphics processor in Scorpio that's capable of producing more raw horsepower than what's inside the PlayStation 4 "Neo" console. Instead of horsepower, computing power is measured in "FLOPS" — an acronym that's essentially a stand-in for "how many equations can be done per second." To that end, Project Scorpio is capable of producing 6 teraflops to Neo's 4.2. "It's around 40 percent faster, calling to mind the advantage PS4 had over Xbox One," Eurogamer's Richard Leadbetter said of the power difference.

It goes deeper than numbers, of course — the new Xbox One is using chip technology that's a generation beyond what's going into the new PlayStation 4. That's important not just because it makes the new Xbox One more powerful, but because it helps to future-proof the new Xbox One. Simply put: The new Xbox One will feel powerful for longer than the new PlayStation 4.

Another strong reason the new Xbox One is more powerful than the new PlayStation 4 is a measure of memory. Though we haven't seen what the new Xbox One look like, we have seen what the chip powering it looks like. And along with that image is a gaggle of RAM — 12GB, it looks like — that outpaces the new PlayStation 4 by just under 4GB.

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Can one do more than the other? Not really, no.

You don't need the new PlayStation 4 ("Neo") to power PlayStation VR. It'll work with the original PlayStation 4 as well as the new one.
Sony

Despite a power differential, there aren't any huge differences between the new Xbox One and the new PlayStation 4.

- Both the new Xbox One and the new PlayStation 4 are capable of playing standard Xbox One and PlayStation 4 games (respectively).

- Both are capable of playing games in 4K/UltraHD resolution, though the new Xbox One has a slight advantage in its horsepower here.

- Both are capable of powering VR headsets, though the new PlayStation 4 has its own headset (PlayStation VR) while it's still unknown what VR headsets will work on the new Xbox One. We're guessing it'll be the Oculus Rift and/or the HTC Vive, but it could just as well be an unknown new headset from Microsoft, Google's Daydream project, or something else entirely. We just don't know.

- Both are meant to sit alongside the current Xbox One and PlayStation 4 rather than outright replace them. The original versions of both consoles will remain on sale even after these are both out.

You're probably thinking, "These sound a lot like the PlayStation 4 [or Xbox One] I own already!" And you're right. These are the same consoles you may already own, but more powerful than ever. If you've got a new 4K/UltraHD TV and you're looking to use it, these are the answer. For the rest of us, don't worry about trading in your original PlayStation 4 or Xbox One just yet.

Both play the same games as their predecessors. Both play games with 4K resolutions as well. Both have VR capability, though Sony makes its own VR headset and MS doesn't. These are the same consoles you already own, but more powerful and more capable.

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Which costs more? We have no idea, but probably the new Xbox One.

Nam Y. Huh / AP

Unfortunately, we know the least about what may be the biggest deciding factor for you and yours: the price.

The current Xbox One costs $279, and the slimmer Xbox One S costs $299. The current PlayStation 4 costs $349. These new consoles will cost at least as much as the current model, and likely more. In the case of Microsoft's Project Scorpio especially, with a bleeding edge graphics processor and a chunk of new memory, we expect it to cost at least $399. And that's being conservative — it could just as likely cost $449 or more, being sold on the idea that it's an expensive solution for VR enthusiasts.

Since Sony chose slightly less future-looking internals, we expect the new PlayStation 4 "Neo" to cost only slightly more than the current console. Perhaps $399? Maybe $449? Customer expectations have been set in the $349 range with the vast popularity of the PlayStation 4, so going too high is a risky move unto itself.